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Daily Newsletter, Thursday, 01/06/2005

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PremierInvestor.net Newsletter                 Thursday 01-06-2005
                                                    section 1 of 2
Copyright (c) 2005, All rights reserved.
Redistribution in any form is strictly prohibited.

The entire newsletter is best viewed in COURIER 10 for alignment
=================================================================

In section one:

Market Wrap:       Are We There Yet?
Watch List:        Oil, Tankers and Insurance
Market Sentiment:  See Note

=================================================================
MARKET WRAP  (view in courier font for table alignment)
=================================================================
      01-06-2005           High     Low     Volume   Adv/Dcl
DJIA    10622.88 + 25.10 10667.58 10589.33 1.95 bln 1848/1364
NASDAQ   2090.00 -  1.20  2103.90  2088.03 2.20 bln 1536/1526
S&P 100   567.54 +  2.33   569.24   565.21   Totals 2384/2890
S&P 500  1187.89 +  4.15  1191.63  1183.23 
SOX       402.14 -  2.10   408.68   402.08
RUS 2000  619.82 +  2.34   624.29   616.96
DJ TRANS 3667.12 + 13.58  3680.69  3652.84
VIX        13.58 -  0.51    14.09    13.33
VXO (VIX-O)14.17 +  0.20    14.69    13.89
VXN        20.13 -  0.05    20.26    19.76  
Total Volume 4,435M
Total UpVol  2,259M
Total DnVol  2,107M
Total Adv  3872
Total Dcl  3327
52wk Highs   96
52wk Lows    39
TRIN       1.53
NAZTRIN    1.34
PUT/CALL   0.77
=================================================================

===========
Market Wrap
===========

Are We There Yet?
by Jim Brown

How often have you been asked that question on a long 
road trip? My email was full of that same question today
as traders wanted to know if we had reached the rebound
point. Was today's weak rebound the start of the January
liquidity bounce? Are we there yet? Is it safe to go back
into the water? 

Dow Chart

 
Nasdaq Chart

 
SOX Chart

 

The short answer is maybe but I doubt that is what everyone
wants to hear. The sharp sell off into the close put the
fear back into the bulls and the market pundits were quick
to suggest it confirms a new negative market bias. I am
not yet ready to read the eulogy on the bull market and
hopefully after you finish this commentary you will feel
better about the rest of the week. 

The economics were mixed again with Chain Store Sales 
for December rising +2.7% and slightly better than the 
+2.4% analysts expected. Still nothing to brag about 
and the holiday season (Nov-Dec) rose only +2.3% and
far less than the 4% gain last year. The holiday season
only amounted to 22.2% of annual chain store sales and
was the lowest on record. Meanwhile sales for the entire
year rose +3.8% and nearly recovered to levels seen in
2000. The ICSC is projecting 2.5% to 3% growth for January.
Wal-Mart posted +3% gains in December and projected +2%
to +4% for January. Target, Zales and Pier 1 warned that
expectations would not be met. Target said relying too
heavily on special promotional discounts hurt profits. 
With the record online sales for the period it is not
surprising that chain stores were struggling to meet
their previous levels. 

There was a flurry of employment reports out today in
advance of tomorrows Jobs data. The Hudson Employment
Index dropped 1.3 points to 103.6 making the December
number the lowest level of the year. Hudson said private
firms were growing less confident in the recovery and
were lowering expectations for future hiring. Only 35%
of firms are now expecting to add employees, down -2
points from November. 

The Monster Employment Index fell to 113 and the lowest
level since August. However this index is not seasonally
adjusted and this could be a result of holiday layoffs.
The Monster Index is +33% higher than Dec-2003 and some
claim this shows a strong hiring cycle. I believe is
shows a stronger use of online job shops over print ads
and therefore a stronger index. I am sure hiring is 
higher than last year but I don't think the actual 
employment numbers support the higher Monster Index. 

Jobless Claims for last week surged to 364,000 and an
increase of +42,000 over the prior week. This was the
largest increase since March and the highest claims
level since the 372,000 on September 25th. Analysts
were quick to blame improper seasonal adjustments as
the culprit once again. This may be true as we saw 
the same problems around the Thanksgiving holiday but
all the employment reports are trending in the same 
direction. This could be a time for caution. 

The Challenger Layoff Report on Wednesday showed plans
for 109,045 layoffs and the highest level since January.
The planned layoffs have been over 100K for the last
four months. Auto and Consumer Products accounted for
the most of the cuts. Hiring plans also increased with
21,262 projected new jobs compared to only 18,740 in
November. You can do the math. If we are averaging 100K
in planned layoffs and 20K in planned hiring then the
there is a net drain of 80K in jobs per month. 

This leads up to tomorrows Jobs Report. The current
official forecast is for a gain of +200,000 jobs with
whisper numbers ranging from 150K to 300K. As usual
some of those analysts are on drugs with their far out
projections. It would be good for consumers if we did
blow away the official estimates with a 300K number but
it will be very negative for the market. A very strong
employment number would cause excessive rate fear and
the interest rates would rocket higher. This would put
pressure on stocks and pressure on the Fed to act quickly
to suppress growth that is too rapid to be sustained.
Personally I have not seen any of that growth but it
may exist somewhere. Every economic report we have seen
lately suggests the recovery is steadily moving higher 
but is still struggling.

I believe the end of day drop in the major indexes was
related to the flurry of negative employment indexes.
The market is expecting that +200K or better in the Jobs
Data tomorrow morning and there is a risk of a lesser
number. Possibly much less. This Jobs fear kept traders
from buying a weak bounce and probably pushed other
longs back to the sidelines. If you really want to see
the market move higher on Friday we need to see 150K
jobs. This is a number that will not cause a great 
disappointment and also a number that will keep the
Fed on its measured pace. 

Crude Oil Chart

 

Oil prices exploded once again with crude closing up
+$2 at $45.50 after the natural gas storage report
showed a significant drop in inventory. Also, OPEC
said its total daily production fell during December
to 29.5mbpd, down -260,000bpd from November. They 
cited oil disruptions in Iraq as well as other problems
in maintaining the flow. There is also another rumor
they are not satisfied with the price holding around
$42 for the last months and they may cut production
by another million barrels on Jan-30th. I believe 
this is a concerted effort to manage expectations 
while they wait for further global production declines
to raise the price and put them in a position of power.
Remember the OPEC stranglehold in 1973?

There is another shot being loaded in the coming oil
wars. China's 3rd largest oil company, CNOOC, is in
talks to acquire Unocal or at least the reserves owned
by Unocal in Asia. CNOOC as well as the other Chinese
oil companies are trying to acquire all the reserves
they can and there appears to be an increasing pressure
to do it quickly. CNOOC is rumored to be readying a bid
of $13 billion for UCL with a plan to sell the UCL assets
in the U.S. to somebody else for $5B. China is solidifying
its ties with Russia in an effort to lock up oil and gas
supplies for several decades in advance. China and Russia
are also planning some joint military exercises soon. 
Does anybody but me see the sides being formed for the
coming oil wars? 

Another interesting oil negotiation is underway between
OPEC, Saudi Arabia and India. India currently imports
2.2mbpd from OPEC. They expect that demand to increase
by 50% before 2010 but they have no storage or refinery
capacity to support the additional demand. CNBC reported
today that $800 billion, yes billion, would have to be
invested to handle that demand by constructing storage,
refinery and distribution locations in India. India
wants OPEC/Saudi to invest the money with an eye towards
locking in an OPEC/Saudi supply for the future. The idea
is an $800B investment would force OPEC to keep supplying
oil to recover the investment. Not surprisingly Saudi
wants India to invest that money in building the assets
in SAUDI ARABIA. They would then ship the refined fuel
to India. What is wrong with this picture? Obviously
it would be India out the money and the assets would be
under Saudi control. If they wanted to nationalize them 
in future times of oil stress then India would just be 
out of luck and out of oil. Do you see how everything 
is pointing to a future game of brinksmanship? Recent 
government documents released from the time of the 1973
oil embargo revealed administration plans to invade Saudi,
Kuwait and possibly Dubai in order to capture their oil
assets and insure future U.S. oil supplies. Nixon was 
prepared to do it but they were able to resolve it 
peacefully. Do you think maybe OPEC countries have read
those recent releases? Oil was $5 a barrel in 1973. 

Sorry, I got off the track there but I believe readers
need to be aware well in advance of the potential problem
ahead. Closer to our immediate future is the market
direction. The bounce today was more of a relief rally
than a rebound. The Dow managed to add +25 points but the
SOX dragged the Nasdaq back to negative territory at the
close. The Russell gave up nearly -5 points in its closing
drop but still finished slightly positive. As I stated
earlier I believe the majority of this afternoon selling
was due to the impending Jobs report. 

If the report is positive we could have a chance for
another bounce but the weak internals today suggest the
selling may not be over. Next week begins the liquidity
flow and funds may take Friday as their last chance to
balance positions before dealing with that cash. Trimtabs
is still expecting a large influx of cash and much of 
that cash is destined for ETFs, Exchange Traded Funds.
Cash flows into ETFs in 2004 were more than three times
the 2003 rate. This is not expected to change. Investors
have found they can pick their own sector/market funds
and jump in and out at will. With mutual funds having
holding periods as a result of the fund scandal it limits
exits. This suggests funds could see less cash than they
previously expected with the rest going to ETFs. The
market will benefit from either investment.

With the Dow hovering just over 10600 we have risk to
10450 if that 10600 level breaks. The Nasdaq normally
corrects about 5% in January and we are nearly there at
the 2089 close. With the SOX the weakest link today the
SOX support is critical for Nasdaq health. The SOX is
resting on three different support lines at 400 and a
break there could see a -20 point drop. Since it closed
at the low of the day there is still appears to be some
sellers leaning on that index. 

The Nasdaq has risk to 2050 and more than a minor dip in
the SOX could setup a sharp drop in the Nasdaq. I would
be a buyer at 2050 if it occurs. I would like to see a
sharp drop on Friday to punctuate this week and put an
end to the profit taking. Either way I am expecting next
week to be positive. Earnings will officially begin with
Alcoa, DNA and NT on Monday. Also check out GBX which
reports on Monday. I found them when I was doing the
research on the Oil Crisis Report. They make railcars
and they are two years behind because of the demand for
coal, oil/gas and commodity cars. 

One stock of note after the close was UTSI. The stock
had crashed from over $22.50 on Tuesday to 20.50 just
before the close. They warned that earnings would now
be a loss of 40-45 cents compared to expectations of
a penny profit. Last year they posted a Q4 profit of
52 cents. They said a slowing Chinese economy and a
drop in capex spending by major carriers had hurt sales
with revenue now expected to be $740-$775 million instead
of the $875-$885 million previously predicted. The stock
fell from 20.50 to 16.50 in after hours. 

For Friday I would watch the volume and the A/D line
for signs the weakness is over. If we get a sharp dip
I would be a buyer on expectations next week will see
the bulls return to the market. 

Are we there yet? Ask me again in a week. 

Jim Brown
Editor

"You cannot stop people from thinking. The tough job
is to get some people started."


==================================================================
WATCH LIST
==================================================================

The PremierInvestor.net watch list is not designed to be read
as full fledged stock picks.  Rather we would prefer to offer
it as an extra tool in today's investor toolbox.  Think of it
as a radar screen with your own radar operator pointing out
interesting developments, technical patterns or potential plays
that you may or may not have seen on your own.  Due to time
constraints we do glance at the news but rarely do we have
time to fully read pertinent news stories, due background
research and other necessary screens that investors should do
before making a decision.  A common exercise is to read the
entry, glance at the sector and other stocks in that industry
and then compare what's happening in the stock to what's
happening in the broader market indices.  We hope you enjoy
the Watch List and that it proves to be a useful tool for your
own trading success.

STOCKS WORTH WATCHING
---------------------------------

Global Santa Fe - GSF - close: 33.92 change: +1.51

WHAT TO WATCH: Oil stocks got a bounce today with a 1.6 percent 
rally in the OIX and a 1.8 percent rally in the OSX index.  GSF 
out performed both of them with a 4.6 percent rally on strong 
volume.  Shares broke out over resistance near $33 to hit new 
two-year highs.  This looks like a bullish entry point.  The P&F 
chart shows a triple-top breakout buy signal with a $49 target.




---

Teekay Shipping - TK - close: 42.15 change: +1.70

WHAT TO WATCH: TK is one of the shipping/oil tanker stocks.  
Shares have consistently sold off since peaking in late November.  
Yet now the decline is stalling as TK tries to bottom near the 
$40.00 level and its 200-dma's.  Technicals are starting to turn 
more bullish.  Look for a bounce back over $43 or $44 as an 
aggressive bullish entry point. 




---

Marsh & Mclennan - MMC - close: 31.68 change: -1.02

WHAT TO WATCH: We were surprised when MMC did not see any tax 
loss selling during the last couple of weeks of December.  Yet 
that relative strength may be fading.  The very overbought MACD 
has just produced a new sell signal with today's three-percent 
decline.  The first level of support is the $30 region but a 
breakdown there could lead toward a decline to $26.50.




---

QLogic Corp - QLGC - close: 33.50 change: -2.00

WHAT TO WATCH: QLGC had held up relatively well the last few 
weeks with the stock churning sideways instead of falling with 
the SOX index.  That relative strength failed today.  Shares lost 
5.6 percent on very heavy volume to break support at the $35 
level and its 50-dma.  It wouldn't surprise us to see QLGC 
consolidate toward the $30 level.






-----------------------------------
RADAR SCREEN - more stocks to watch
-----------------------------------

NSC $36.41 +0.52 - Momentum traders may want to check out 
railroad stock NSC as it nears another high.

FRO $44.86 +1.76 - FRO is another shipping/oil tanker stock that 
is bouncing from support near $40 and its 200-dma.

EXM $22.60 +0.95 - We would watch EXM for a bounce through the 
$25 level or a breakdown under $20.00 and its 200-dma.

MXRE $21.60 +0.51 - MXRE is breaking out to new six-month highs.  
Shares could run toward the $23 level.


===============================
Market Sentiment
===============================

Please look for the sentiment commentary to continue on Sunday.
The normal contributor to this column is ill.

-----------------------------------------------------------------

Market Averages

DJIA ($INDU)

52-week High: 10868
52-week Low :  9708
Current     : 10622

Moving Averages:
(Simple)

 10-dma: 10745
 50-dma: 10521 
200-dma: 10269 



S&P 500 ($SPX)

52-week High: 1216
52-week Low : 1060
Current     : 1187

Moving Averages:
(Simple)

 10-dma: 1202
 50-dma: 1181
200-dma: 1130



Nasdaq-100 ($NDX)

52-week High: 1635
52-week Low : 1301
Current     : 1557

Moving Averages:
(Simple)

 10-dma: 1601
 50-dma: 1573
200-dma: 1463 



-----------------------------------------------------------------

CBOE Market Volatility Index (VIX) = 13.58 -0.51 
CBOE Mkt Volatility old VIX  (VXO) = 14.17 +0.20
Nasdaq Volatility Index (VXN)      = 20.13 -0.05 


-----------------------------------------------------------------

          Put/Call Ratio  Call Volume   Put Volume

Total          0.80        776,205       617,900
Equity Only    0.67        650,675       436,787
OEX            1.04         21,385        22,364
QQQQ           0.83         59,514        49,315


-----------------------------------------------------------------

Bullish Percent Data

           Current   Change   Status
NYSE          74.3    - 1.9   Bear Correction
NASDAQ-100    75.0    - 5     Bull Confirmed
Dow Indust.   73.3    + 0     Bull Confirmed
S&P 500       75.6    - 1.4   Bull Confirmed
S&P 100       76.0    - 2     Bull Confirmed


Bullish percent measures the number of stocks in an index 
currently trading on a buy signal on their point and figure 
chart.  Readings above 70 are considered overbought, and readings 
below 30 are considered oversold.

Bull Confirmed  - Aggressively long
Bull Alert      - Cautiously long
Bull Correction - Pause or pullback in upward trend
Bear Alert      - Take defensive action if long
Bear Confirmed  - High risk if long, good conditions for shorting
Bear Correction - Pause or rebound in downtrend


-----------------------------------------------------------------

 5-dma: 1.41
10-dma: 1.04 
21-dma: 1.04
55-dma: 1.00


Extreme readings above 1.5 are bullish, and readings below .85
are bearish.  These signals don't occur often and tend be early,
but when they do, they can signal significant market turning
points.


-----------------------------------------------------------------

Market Internals

            -NYSE-   -NASDAQ-
Advancers    1608      1514
Decliners    1200      1507

New Highs      58        47
New Lows       22        26

Up Volume   1164M      922M
Down Vol.    742M     1239M

Total Vol.  1936M     2178M
M = millions


-----------------------------------------------------------------

Commitments Of Traders Report: 12/21/04


Weekly COT report discloses positions held by small specs
and commercial traders of index futures contracts at the 
Chicago Mercantile Exchange and Chicago Board of Trade. COT data 
can be found at www.cftc.gov.

Small specs are the general trading public with commercials being 
financial institutions. Commercials are historically on the 
correct side of future trend changes while small specs tend 
to be wrong.  

S&P 500

Commercial traders are growing more bearish while small traders
are naturally moving the other direction and growing more 
bullish.

Commercials   Long      Short      Net     % Of OI
11/30/04      462,394   491,813   (29,419)   (3.0%)
12/07/04      450,072   498,057   (47,985)   (5.0%)
12/14/04      502,471   540,494   (38,023)   (3.6%)
12/21/04      455,238   502,538   (47,300)   (4.9%)

Most bearish reading of the year: (111,956) -  3/06/02
Most bullish reading of the year:   23,977  - 12/09/03

Small Traders Long      Short      Net     % of OI
11/30/04      176,031   148,876    27,155     8.3%
12/07/04      187,707   135,776    51,931    16.0%
12/14/04      201,428   164,111    37,371    10.2%
12/21/04      157,015   106,205    50,810    19.2%

Most bearish reading of the year:  (1,657)- 5/27/03
Most bullish reading of the year: 114,510 - 3/26/02


E-MINI S&P 500

There has been a dramatic reduction in open positions for
both longs and shorts for both the commercial traders and
small traders.  The net result has produced an increase
in bearishness for professionals and an increase in bullishness
for small traders.

Commercials   Long      Short      Net     % Of OI 
11/30/04      439,074   855,440   (416,366)  (32.2%)
12/07/04      470,553   805,234   (334,681)  (26.2%)
12/14/04      556,980   899,616   (342,636)  (23.5%)
12/21/04      279,694   554,818   (275,124)  (32.9%)

Most bearish reading of the year: (436,367)  - 11/23/04
Most bullish reading of the year:  133,299   - 09/02/03

Small Traders Long      Short      Net     % of OI
11/30/04      386,665     67,926   318,739    70.1%
12/07/04      311,838     66,496   245,342    64.8%
12/14/04      398,915    137,598   261,317    48.7%
12/21/04      227,047     66,140   160,907    54.8%

Most bearish reading of the year: (77,385)  - 09/02/03
Most bullish reading of the year: 449,310   - 06/10/03


NASDAQ-100

Hmm... we are seeing a dramatic reversal for both commercial
and small traders.  Commercials have significantly cut their
long positions reversing their bullishness into bearishness
for the NDX.  Small traders have drastically reduced their
short positions to flip-flop them from net bearish to net
bullish. 

Commercials   Long      Short      Net     % of OI 
11/30/04       56,629     30,571    26,058   29.8%
12/07/04       57,621     34,313    23,308   25.4%
12/14/04       73,554     50,286    23,268   18.7%
12/21/04       30,614     45,158   (14,544) (19.1%)

Most bearish reading of the year: (21,858)  - 08/26/03
Most bullish reading of the year:  26,058   - 11/30/04

Small Traders  Long     Short      Net     % of OI
11/23/04       11,153    39,712   (28,559)  (56.1%)
11/30/04        9,902    44,779   (34,877)  (63.7%)
12/07/04       15,489    49,064   (33,575)  (52.0%)
12/14/04       26,781    58,159   (31,378)  (36.9%)
12/21/04       20,840     9,109    11,731    39.1%

Most bearish reading of the year: (34,877) - 11/30/04
Most bullish reading of the year:  19,088  - 01/21/02

DOW JONES INDUSTRIAL

Commercial traders have suddenly become a lot more bearish 
on the Dow Industrials.  Meanwhile small traders have
significantly cut their positions on both sides of the trade.


Commercials   Long      Short      Net     % of OI
11/30/04       22,622    25,411   (2,789)     (5.8%)
12/07/04       25,523    27,351   (1,828)     (3.4%)
12/14/04       36,960    38,566   (1,606)     (2.1%)
12/21/04       24,850    31,920   (7,070)    (12.4%)
 
Most bearish reading of the year: (8,322) -  1/16/01
Most bullish reading of the year: 15,135  - 10/16/01

Small Traders  Long      Short     Net     % of OI
11/30/04        5,739     8,536   (2,797)   (19.6%)
12/07/04        5,274     9,507   (4,233)   (28.6%)
12/14/04       13,445    19,089   (5,644)   (17.3%)
12/21/04        5,637     6,961   (1,324)   (10.5%)

Most bearish reading of the year: (12,106) -  3/09/04
Most bullish reading of the year:   8,523  -  8/26/03


=================================================================
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DISCLAIMER
=================================================================

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Copyright ) 2005  PremierInvestor.net. and
The Premier Investor Network.
Do not duplicate or redistribute in any form.
PremierInvestor.net Newsletter                 Thursday 01-06-2005
                                                    section 2 of 2
Copyright (c) 2005, All rights reserved.
Redistribution in any form is strictly prohibited.

The entire newsletter is best viewed in COURIER 10 for alignment
=================================================================

In section two:

Stop Loss Adjustments: VSEA, STJ, ACI, BMS    

Stock Splits
  Announcements:       None

Trading Ideas
  Value Plays With Bullish Signals
  Breakout to Upside (Stocks $5 to $20)
  Breakout to Upside (Stocks over $20)
  Breakout to Downside (Stocks over $20)
  Recently Overbought With Bearish Signals (Stocks over $20)


==================================================================
Stop Loss Adjustments
==================================================================

VSEA - tech stock short -
   VSEA continues to sink lower and we're going to 
   adjust our stop loss to $34.49, just over the 200-dma.
 
 
STJ - non-tech long -
  Danger!  Bulls need to be careful here.  The stock has broken
  round-number support at $40.00 and its 50-dma.  More
  conservative traders may want to exit altogether.
 
ACI - non-tech long -
  We're still waiting for the bounce from long-term technical
  support at the 200-dma.  We would not open any new plays
  until we saw that bounce occur.
 
 
BMS - non-tech long -
  Today's bounce from the $28.00 level and its simple 50-dma
  could be a new bullish entry point.  Look for some follow through
  before considering new positions.


==================================================================
Stock Splits 
==================================================================

None 


==================
  Trading Ideas
==================

This section contains stocks that meet criteria which may make
them of interest to long and short side traders.  These are not
recommendations, nor have they been reviewed by PremierInvestor
editors for investment potential.  However, each of them has
technical and fundamental characteristics that make them worthy
of further review by traders and investors looking for fresh ideas.
New stocks will appear daily following the market close.

Value Plays With Bullish Signals
---------------------------------
 
Value Plays With Bullish Signals
---------------------------------
Ticker  Company Name               Close     Change

MWD     Morgan Stanley             56.28     +1.30
DB      Deutsche Bank              87.85     +1.95
KRB     MBNA Corp                  28.24     +0.64
GS      Goldman Sachs             105.23     +1.43
MER     Merrill Lynch              58.66     +0.57
CAH     Cardinal Health            56.35     +0.92

---------------------------------------
Breakout to Upside (Stocks $5 to $20)
---------------------------------------

FINL    Finish Line                19.91     +1.15
SMRT    Stein Mart Inc             18.59     +1.33
GERN    Geron Corp                  9.37     +1.38
RATE    Bankrate Inc               14.53     +1.43

---------------------------------------
Breakout to Upside (Stocks over $20)
---------------------------------------
  
UCL     Unocal Corp                44.34     +3.15
MGG     MGM Mirage Inc             76.69     +4.29
GSF     Global Santa Fe            33.92     +1.51
CHIR    Chiron Corp                35.96     +1.16
BLK     Blackrock Inc              80.00     +5.15
BRL     Barr Labs                  46.90     +1.59
ACV     Alberto-Culver             50.51     +1.79

-------------------------------------------
Breakout to Downside (Stocks over $20)
-------------------------------------------

HHH     Internet Holders           66.21     -1.79
EBAY    Ebay Inc                  106.18     -4.72
TGT     Target Corp                48.50     -2.78
BBY     Best Buy  Co               55.50     -2.55
SYMC    Symantec                   23.18     -1.86
AT      Alltel Corp                56.00     -2.00
MFE     Network Associates         25.15     -1.48
QLGC    QLogic                     33.50     -2.00

-----------------------------------------
Recently Overbought With Bearish Signals (Stocks over $20)
-----------------------------------------

MMC     Marsh & Mclennan           31.68     -1.02
BDK     Black & Decker             83.47     -1.88


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